Gold and silver drifted lower this week, before a modest recovery this morning which can be put down to bear closing. In European trading this morning, gold was $1918, unchanged from last Friday’s close after testing the $1900 level yesterday. Silver was $23.05, down 3 cents, after testing $22.30. Comex volumes in gold were moderately healthy, and they picked up in silver yesterday on the sell-off.

The performance of gold and silver has been disappointing for dollar bulls, but looking at it from the bears’ point of view prices refused to go lower yesterday when the ECB raised its deposit rates and the dollar’s TWI powered ahead. The TWI is next.

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